Prime Minister Anthony Albanese has announced a price gouging taskforce to crackdown on supermarkets taking advantage of consumers.

Consumer Expert and author of "Easy Money" Joel Gibson told Peter Fegan on 4BC Breakfast, "I think the ACCC had a bit of a bet each way and the government's now saying, well, we need some laws to outlaw excessive pricing because we don't have those laws at the moment."

"It is illegal to abuse your market power if you're a business, but not to charge excessive prices," Mr. Gibson said.

"Will it have a major impact on the price of your groceries?"

"I don't think so unfortunately," Mr. Gibson continued.

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